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  • WTI bounces off monthly low, remains below 10-day SMA.
  • Nearly oversold RSI conditions, amid repeated failures to slip below the round-figures, keep buyers hopeful.

While extending its bounce from the current month’s low, flashed the previous day, WTI takes rounds to $20.15 amid the early Asian session on Thursday.

With this, the black gold paves way for another failure to slip below $19.00 as it earlier recovered from $19.02 during the late-March.

Also increasing the odds of the energy benchmark’s pullback could be nearly oversold conditions of the RSI.

As a result, buyers are waiting for entry beyond a 10-day SMA level of $23.55 while having the monthly top surrounding $28.90 as a target.

On the contrary, a clear downside below $19.00 will set the tone for the oil price south-run towards $16.40 comprising late-2001 levels.

WTI daily chart

Trend: Pullback expected